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Denison to continue Mongolian operations even while cutting back worldwide, economy to blame |
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Thursday, 27 November 2008 |
Mongolian uranium prospecting will continue in Mongolia even while being cutback worldwide in response to the international economic crisis.
Denison Mines announced Wednesday that they will invest an additional $5 million in their Mongolian Gurvan Saihan uranium site during the next year.
At the same time, Denison will be temporarily ceasing operations at its Canadian Midwest uranium site in Saskatchewa and the Tony M mine in Utah, USA.
In explaining its actions, Denison cited the "current economic climate, delays and uncertainties associated with the regulatory approval process, the increasing capital and operating costs and the current market for uranium," according to a company statement.
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